AUD/USD Daily Forecast – 16 March

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Tuesday, Mar 15 2016

Aussie fell in the course of the yesterday's session, going all the way to 0.7450 handle, where pair found some amount of support, since this was previously important resistive point. Decline is mostly result of dovish RBA Meeting Minutes indicating that there is room for further rate cut. As for Wednesday main market mover will be FOMC rate decision, so we can expect a lot of volatility. Initially 0.74 level should offer some amount of support, as this was previously major resistive area and seems as a floor for the pair at the moment, and then 0.7350 level in extension, while we can expect significant amount resistance above 0.7550 and 0.76 handle in extension.

Long-term looking, despite this pullback we would still be buyers for this pair, as we believe it has potential of breaking higher, thought it is a bit overbought at the moment. We have no interest in selling the pair at the moment, as long as we are above 0.73 handle.

More in this category: « EUR/USD Daily Forecast – 15 March GBP/USD Daily Forecast – 16 March »

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